fast accurate easy to learn cash flow ... - … accurate easy to learn cash flow projections ... n...

Commercial/Investment Real Estate Analysis Software

'What If' Sensitivity Analysis

®planEASe

User/Owner Decisions Page 2Unit Investments Page 3Leased Investments Page 4-5Developments Page 6-7Portfolios Page 8Partnership/LLC Models Page 9Feature List 0Recent Upgrades Page 11Import/Export/Training Back Page

Est. 1982

You can't make anintelligent real estate decision

without 'What if' analysis.

800-959-3273www.planease.com

FASTACCURATEEASY TO LEARNCASH FLOW PROJECTIONS

Discover crucial variables affecting outcomes with in depth 'What If' sensitivity analysis. Any assumption can be varied, and all other assumptions that are connected vary at the same time. For example a loan at '80% of Property Price' will automatically adjust if you vary the property price.More on pages 3, 5, 6, 7, & 9.

Comparative sensitivity analysis is an unparalleled tool for making the right real estate analysis decisions. Compare any number of analysis files and vary any common assumption. Shown here is a comparison of the Internal Rate of Return (IRR) for three different properties as holding period varies. More on pages 2 & 5.

Monte Carlo Risk Analysis is an advanced 'What If' capability that enables many assumptions to be varied at the same time.More on pages 5 & 8.

Apartments

Retail

Offices

IRR (%)

Holding Period (Years)

0

5

10

15

1 2 3 4 5 6 7 8 9 10

planease.com - 800-959-3273 - User/Owner Decisions

Lease vs. BuySale LeasebackLease vs. Buy vs. BuildTenant / Owner Representation

User/Owner analysis covers any situation that might affect a property user/owner. Comparative Sensitivity Analysis enables the creation of a file for each option the user of the property might have, and comparison of those options in a simple graph. All the reports for the individual option are available as well, either before or after tax.

Tenant and Owner Representation analysis, where you are looking for the best deal in a lease negotiation, is usually done on a before tax basis and all the leases can be entered into one file for comparison.

Stay

NPV ($K)

Present Value Discount Rate After Tax (Percent)

-100

-200

-300

-400

-500

-600

0

100

0 2 4 6 8 10 12 14 16 18 20

Sensitivity Analysis Comparison

Sale / Leaseback

LeaseBack

SampleReport

Should a user sell their property and lease it back to take the capital out of real estate (and into their business)? This Sale/Leaseback comparison is another analysis that you can handle with the same system. With comparative sensitivity analysis you could add another option that includes refinancing.

Lease

Buy

NPV ($K)

Present Value Discount Rate After Tax (Percent)

-200

-400

-600

-800

0

0 2 4 6 8 10 12 14 16 18 20


Lease vs. Buy

SampleReport

Suggested: Reporting Extension Graphics Extension

Requires:planEASe Base

Create one file for a lease, and a second file for a buy option to create lease vs. buy crossover graphs. Where the lines cross, each option costs the same to the user (sometimes called the point of indifference). This graph shows the user that if there is another investment that returns better than 14%, the investment capital should be put into the other investment and the user should choose the lease option. Otherwise, putting the investment capital into the purchase and saving the lease payments will cost less.

Tenant Lease Analysis

Lease Option 2

Measure Rent Rentable

Report Date 26 Mar 10 Total Effective (965,062) (96.51)

Suite Avg Monthly Effective (11,489) (13.79)

Rentable SF 10,000 PV @ 10% (704,991) (70.50)

Usable SF Annual PV @ 10% (100,713) (10.07)

Start 2010 2011 2012 2013 2014 2015 2016 End Total

Base Rent 0 (120,000) (120,000) (120,000) (60,000) 0 0 0 0 (420,000)Continued 0 0 0 0 (63,000) (126,000) (126,000) (126,000) 0 (441,000)Expenses 0 (20,000) (20,600) (21,218) (21,855) (22,510) (23,185) (23,881) 0 (153,249)Expense Stop 0 10,000 10,000 10,000 10,000 10,000 10,000 10,000 0 70,000Taxes 0 (5,000) (5,150) (5,305) (5,464) (5,628) (5,796) (5,970) 0 (38,312)Tax Stop 0 2,500 2,500 2,500 2,500 2,500 2,500 2,500 0 17,500Moving Costs 0 0 0 0 0 0 0 0 0 0Security Deposit (10,000) 0 0 0 0 0 0 0 0 (10,000)Security Return 0 0 0 0 0 0 0 0 10,000 10,000Total $ (10,000) (132,500) (133,250) (134,023) (137,818) (141,638) (142,482) (143,351) 10,000 (965,062)Total PV (10,000) (126,381) (115,542) (105,648) (98,712) (92,273) (84,385) (77,181) 5,132 (704,991)$/RSF (1.00) (13.25) (13.33) (13.40) (13.78) (14.16) (14.25) (14.34) 1.00 (96.51)PV/RSF (1.00) (12.64) (11.55) (10.56) (9.87) (9.23) (8.44) (7.72) 0.51 (70.50)

Tenant Lease Analysis Summary

Name RSF Total $ PV @ 10% PV/RSF

Lease Option 1 10,000 (991,562) (714,633) (71.46)

Lease Option 2 10,000 (965,062) (704,991) (70.50)

Tenant Representation - Lease Comparison

SampleReport

SampleReport

Lease 1

Lease 2

Lease 3

Buy

NPV ($/Foot)

Holding Period (Years)

-50

-100

-150

0

1 2 3 4 5 6 7 8 9 10


Multiple Cost Comparison

SampleReport

Compare many options for the user. Just create a file for each option, no matter how complex or simple. Then go into the 'What-If' Sensitivity Analysis, pick a common assumption (like Holding Period here), and pick each option you want to compare. This easy-to-use planEASe capability will handle any options you need to compare! Here "Lease 1" is clearly least costly over any holding period.

planease.com - 800-959-3273 -

2010 2011 2012

Gross Income One Bedroom Units $114,000 $118,560 $123,302 Two Bedroom Units 460,800 479,232 498,401Total Gross Income $574,800 $597,792 $621,704 Less: Vacancy & Credit Loss 26,412 27,468 28,567Effective Income $548,388 $570,324 $593,136 Less: Operating Expenses Property Taxes 66,000 67,320 68,666 Insurance 8,000 8,320 8,653 Pool 2,400 2,496 2,596 Gardener 2,000 2,080 2,163 Utilities 9,000 9,540 10,112 Resident Manager 10,000 10,400 10,816 Maintenance 10,000 10,400 10,816 Reserve 3,200 3,328 3,461 Miscellaneous 2,400 2,496 2,596 Management Fee 27,419 28,516 29,657Total Operating Expenses $140,419 $144,896 $149,536Net Operating Income $407,969 $425,427 $443,600 Less: Debt Service USA Bank 339,974 339,974 339,974Total Debt Service $339,974 $339,974 $339,974Net Operating Cash Flow $67,995 $85,453 $103,626Taxable Income and Taxes (Losses Carried Forward)Taxable Revenues $548,388 $570,324 $593,136 Less: Deducted Expenses 140,419 144,896 149,536 Less: Interest Expense 261,085 254,961 248,361 Less: Amortized Points 2,638 2,638 2,638 Less: Depreciation Building 159,083 166,000 159,083 Total Depreciation $159,083 $166,000 $159,083Ordinary Income ($14,838) $1,829 $33,518Taxable Income 0 0 20,509(Cum Suspended Losses) 102,301 172,476 26,230Taxes Due (- = Savings) 0 0 7,178

$67,995 $85,453 $96,448

Sale Proceeds:Sale Value $0 $6,077,533 $6,337,143 Less: Sale Costs (7%) 0 425,427 443,600 Less: Loan Repayment 0 3,352,905 3,261,292Sale Proceeds Before Tax 0 2,299,201 2,632,251 Less: Taxes due to Sale 0 76,577 156,129Sale Proceeds After Tax 0 2,222,624 2,476,122

Ratio Analysis:Profitability Ratios Capitalization Rate 7.42% 7.74% 8.07% Cash on Cash Before Tax 3.34% 4.20% 5.09% Cash on Cash After Tax 3.34% 4.20% 4.74%Risk Ratios Debt Coverage Ratio 1.200 1.251 1.305 Breakeven Occupancy 83.6% 81.1% 78.7% Loan Balance/Property Value 55.2% 51.5%Assumption Ratios NOI/Property Value 7.00% 7.00% Gross Income Multiple 10.17 10.19 Operating Expense Ratio 24.4% 24.2% 24.1%

Analysis Measures: IRR Before Debt 8.7% 9.9% IRR Before Tax 8.6% 12.0% IRR After Tax 6.9% 9.7% NPV Before Debt @12.00% ($304,366) ($280,951) NPV Before Tax @12.00% ($121,621) ($2,845) NPV After Tax @12.00% ($182,667) ($119,255)

SampleReport

Proforma Income StatementApartments - Unit Investment

Cash Flow After Tax

The power of this 'What If' Sensitivity Analysis is that the loan and depreciation amounts are linked to the purchase price as percentages, so for each IRR the loan amortization and property depreciation schedule are recalculated for the holding period and the sale is adjusted after tax.

Price of Property ($M)

0

5

10

15

20

5.00 5.05 5.10 5.15 5.20 5.25 5.30 5.35 5.40 5.45 5.50

Sensitivity AnalysisApartments - Unit Investment

SampleReport

After TaxIRR (%)

Apartments - Self Storage - Mobile Home Parks Etc.

Unit InvestmentsSuggested:

Reporting Extension Graphics Extension

* Analyze a simple investment quickly* Handle the most complex apartment deals* Compare multiple loans vs. the Property IRR After Tax

revenue and expense items with

Loans and Capital Expenditures* Complete Rehabilitation Item Breakdown* Automatic Construction Draws* Multiple Lease-up methods done on a monthly basis

enable monthly lease-up changes.*** See page 10 for more detailed features

* Unlimited individual rates/schedules, and unique vacancy factors.

* Expenses as % of Effective Income* Unlimited

Use of Gross Income at Acquisition ($/yr)Apartments - Unit Investment

Vacancy

Expenses

Debt Service

Cash Flow

$26.4 (4.6%)

$140.4 (24.4%)

$340.0 (59.2%)

$68.0 (11.8%)

Dollars in Thousands

Total $ Shown - $574.8

Operating Expenses at Acquisition ($/yr)

Apartments - Unit Investment

Property Taxes

Insurance Pool GardenerUtilities

Resident Manager

Maintenance

ReserveMiscellaneous

Management Fee

Annual Property Operating Data

Apartments - Unit Investment

Purpose Broker's RecapName Apartments - Unit InvestmentLocation 1000 Mayfair AvenueProperty Type Apartment ComplexDate 12 June 2008Units 42

Price $5,500,000 -Loans 3,516,806Down Payment 1,983,194 +Acq Costs 55,000 +Loan Points 52,752Investment 2,090,946

$/Unit % of GI Annual $Gross Income One Bedroom Units (10 units) $11,400 19.8% $114,000 Two Bedroom Units (32 units) 14,400 80.2% 460,800Total Gross Income $13,686 100.0% $574,800 - Vacancy & Credit Loss 629 4.6% 26,412Effective Income $13,057 95.4% $548,388Less: Operating Expenses Property Taxes 1,571 11.5% 66,000 Insurance 190 1.4% 8,000 Pool 57 0.4% 2,400 Gardener 48 0.3% 2,000 Utilities 214 1.6% 9,000 Resident Manager 238 1.7% 10,000 Maintenance 238 1.7% 10,000 Reserve 76 0.6% 3,200 Miscellaneous 57 0.4% 2,400 Management Fee 653 4.8% 27,419Total Operating Expenses $3,343 24.4% $140,419Net Operating Income $9,714 71.0% $407,969 Less: Debt Service USA Bank 8,095 59.1% 339,974Total Debt Service $8,095 59.1% $339,974Net Operating Cash Flow $1,619 11.8% $67,995

Capitalization Rate 7.42%Gross Income Multiplier 9.57Cash on Cash 3.25%Debt Coverage Ratio 1.200Price/Unit $130,952

SampleReport

Every analysis can be Before or After Tax, and this analysis shows that losses can be suspended (or taken currently).

Ratios and Discounted Cash Flow Measures help you analyze the cash flows and compare to other investment opportunities.


The reports and graphs are presentation quality and are configurable to show as much detail as you want, before and after tax. This ProForma Income Statement has the expenses totaled and the returns taken out to focus on the Percentage Rent, Reimbursements, TI's and Commissions. The “Less: Capital Spending” area shows the spending for TI's & Commissions for all the leases. The “Less: Depreciation” area under “Taxable Income and Taxes” shows the tax impact of these items.

2010 2011 2012 2013 2014

Gross Income 101 Grocery 75,000 77,250 79,568 109,246 112,273 102 Drug Store 90,000 90,000 90,000 98,345 98,345 103 Beauty Salon 30,269 31,315 32,254 33,270 34,219 104 Donuts 29,000 29,522 32,252 33,220 34,217 105 Flowers 14,500 14,500 15,500 16,500 16,500 Base Rental Revenue $238,769 $242,587 $249,574 $290,582 $295,554 Percentage Rent $4,000 $4,280 $4,566 $4,857 $5,154 Total Reimbursements $67,400 $69,184 $71,020 $72,908 $74,852Total Gross Income $310,169 $316,051 $325,160 $368,347 $375,560 Less: Vacancy & Credit Loss 3,114 3,251 0 15,170 3,553Effective Income $307,056 $312,800 $325,160 $353,177 $372,007Total Operating Expenses $67,400 $69,184 $71,020 $72,908 $74,852Net Operating Income $239,656 $243,616 $254,140 $280,269 $297,155 Less: Debt Service Loan 184,351 184,351 184,351 184,351 184,351Total Debt Service $184,351 $184,351 $184,351 $184,351 $184,351Net Operating Cash Flow $55,305 $59,266 $69,789 $95,918 $112,804 Less: Capital Spending Market TI's 2,020 2,117 0 80,261 0 Market Commissions 949 994 0 19,829 0Total Capital Spending $2,969 $3,111 $0 $100,090 $0Cash Flow Before Tax $52,336 $56,155 $69,789 ($4,172) $112,804Taxable Income and Taxes (Losses Taken Currently)Taxable Revenues $307,056 $312,800 $325,160 $353,177 $372,007 Less: Deducted Expenses 67,400 69,184 71,020 72,908 74,852 Less: Interest Expense 145,530 142,308 138,818 135,039 130,946 Less: Amortized Points 918 918 918 918 918 Less: Depreciation 56,988 59,741 60,154 63,784 61,032Ordinary Income $36,219 $40,649 $54,249 $80,528 $104,259Taxable Income 36,219 40,649 54,249 80,528 104,259Taxes Due (- = Savings) 15,031 16,870 22,513 33,419 43,267Cash Flow After Tax $37,305 $39,285 $47,276 ($37,591) $69,537

Proforma Income StatementLease-by-Lease Investment (Retail, Office, Industrial)

SampleReport

Use the Market Profiles box for the leasing and re-leasing of space both for new and renewing tenants. Many leases may go to market with the same profile, or each lease can have their own. If you change an assumption in that profile, all the leases that go to market with that profile change also, maximizing your 'What-If' capabilities by giving you broad control over the Sensitivity Analysis for NOI. Whether you have one lease or hundreds, this system will save you time and reduce errors.

planease.com - 800-959-3273 -

SampleReport

The reimbursement of Common Area Expenses (CAM) can be crucial to the bottom line. The reimbursements (net, base year stop, $/stop, gross, and $) are set per lease where the prorata share is calculated for you. Percentage rents and Gross-Ups are available too.

Retail - Office - Industrial

Leased Investments

Analyze all the leases (no matter how complex), track all the reimbursements and/or percentage rents, enable renewal probabilities that handle the tenant improvements and commissions automatically, and do it all monthly incredibly quickly. Some of the measures shown are IRR, NPV, Cash on Cash, Cap Rate, and Debt Coverage Ratio.

*** See page 10 for more detailed features

Show the Present Value (PV) per lease. Notice in this lease the To Market rent drops in 2010 & 2013. That is because the profile that this lease goes to market with assumes 1 month of vacancy when the lease term ends.

Measure Rent Rentable

Report Date 15 Feb 06 Total Effective 184,127 92.06

Suite 103 Avg Annual Effective 36,825 18.41

Rentable SF 2,000 PV @ 10% 144,967 72.48

Usable SF Annual PV @ 10% 28,993 14.50

2010 2011 2012 2013 2014 Total

Base Rent 7,250 0 0 0 0 7,250To Market 20,467 31,315 32,254 30,475 34,219 148,731Market TI's (2,020) 0 0 (2,213) 0 (4,232)Market Commissions (949) 0 0 (1,039) 0 (1,988)Reimb Maintenance 1,045 1,174 1,209 1,142 1,283 5,854Reimb Insurance 422 483 507 488 559 2,459Reimb Property Taxes 3,025 3,366 3,433 3,210 3,572 16,607Reimb Security 92 103 106 100 113 513Reimb Utilities 312 350 361 341 383 1,746Reimb Management Fee 1,283 1,442 1,485 1,402 1,576 7,189Total $ 30,927 38,233 39,356 33,906 41,704 184,127Total PV 29,393 33,144 31,016 24,253 27,162 144,967$/RSF 15.46 19.12 19.68 16.95 20.85 92.06PV/RSF 14.70 16.57 15.51 12.13 13.58 72.48

Lease AnalysisOne of Many Tenants you may enter

SampleReport



planease.com - 800-959-3273 -

Leased Investments Cont.

'What If' Sensitivity Comparison scenarios are more sophisticated, yet the graphs are still precise and very communicative. Create multiple cases for an investment, then run Sensitivity Analysis, choosing an assumption common to the files, like the Price of Property chosen here, or many other common assumptions like Holding Period or Inflation Rate.

Choose between printing just the graph, (as shown here) or a full one-page report including a table of results.

Best Case

Likely Case

Worst Case

Price of Property ($K)

5

0

30

25

20

15

10

4,500 4,550 4,600 4,650 4,700 4,750 4,800 4,850 4,900 4,950 5,000


Best / Likely / Worst Cases

SampleReport

After TaxIRR (%)

The graph below shows the different cash flow lines with the Adj. Cash on Cash After Tax overlaid on top. Thousands of combinations are possible for you to create by choosing which data to display.

Leased Investments

$K %

Year-100

0

400

300

200

100

6

5

4

3

2

1

0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net Operating Income

Retail

SampleReport

NetOperatingIncome

NetOperatingCash Flow

Cash FlowBefore Tax

Cash FlowAfter Tax

Adj.Cash on CashAfter Tax

Risk Analysis Assumption Lowest Likely Highest

Renew-0% Local New Months Vacant 2.00 Months 3.00 Months 6.00 Months

Maybe Local General Renewal Probability Zero 40% 90%

Maybe Local New Months Vacant 2.00 Months 3.00 Months 6.00 Months

Net Capitalization Rate at Sale 8% Net Cap Rate 9% Net Cap Rate 10% Net Cap Rate

Probability (%)

Net Present Value After Tax ($K)

5

0

20

15

10

<999 <1,199 <1,399 <1,599 <1,799 <1,999 <2,199

<1,099 <1,299 <1,499 <1,699 <1,899 <2,099 <2,299

0.0 0.0 0.0 0.0

1.0

7.8

14.3

18.719.3

13.512.7

9.0

3.3

0.4

Average NPV 1,753,635 Lowest NPV 1,321,188

Standard Deviation 191,226 Highest NPV 2,292,669

Risk Analysis

Lease-by-Lease Investment

SampleReport

Perform 'What If' Monte Carlo Risk Analysis with any assumptions you choose vs. any measure, such as Rate of Return (IRR or MIRR), Net Present Value (NPV), etc. Risk Analysis allows you to investigate how these measures vary with a change in assumptions like Holding Period, Cap Rate at Sale, Renewal Probability, Vacancy, TI's, etc. Risk Analysis provides a one page table and graph which shows the probability of achieving any level for the chosen measure.

The Renewal Probability in the “Maybe” Market Profile is varied from 0% to 100%. Two leases have been set to go to market with this Market Profile. The Profile specifies TI's, Commissions, etc. that get paid (and depreciated After Tax) when the lease starts. While the space is vacant, the tenant pro-rata share of the expenses is not being reimbursed. All of these factors are changing for the two leases set to go to market with this profile, when calculating the IRR 'what if' sensitivity analysis.

0

5

10

15

9.510.0

10.511.0

11.412.0

Sensitivity AnalysisLease-by-Lease Investment

SampleReport

Maybe Local General Renewal Probability

After TaxIRR (%)

0 20 40 60 80 100

planease.com - 800-959-3273 -

This report shows the results of a Draw Loan specified in support of the Apartment Development project. The results are based on drawing 100% of the eligible costs specified. Draws are scheduled to occur each month during the life of the project. The loan bears interest at 9.000% and interest is scheduled to be accrued, and paid as part of the payments discharging the loan.

Project Draw Loan Report

Draw Interest LoanTime Required Payments Accrued Balance

Feb 10 $28,000 $210 $28,210

Mar 10 $2,669,200 $20,231 $2,717,641

Apr 10 $266,000 $22,377 $3,006,018

May 10 $949,600 $29,667 $3,985,285

Jun 10 $206,400 $31,438 $4,223,123

Jul 10 $33,600 $31,925 $4,288,648

Aug 10 $110,400 $32,993 $4,432,041

Sep 10 $4,432,041

Totals $4,263,200 $4,432,041 $168,841 $0

SampleReport

Commercial Development

Apartment - Retail -Office - IndustrialBuild-to-Suit, etc ....

Commercial Developments

How easy is it? This Development Spending Dialog is where you enter all your development assumptions. The grid at the bottom accepts unlimited development costs (Copy & Paste columns from a spreadsheet). Then enter the Draw and Permanent Loan information at the top. In the planEASe Assumption Edit Screen add Lease-Up information, Expenses, and more Loan Assumptions, if needed. During Lease-Up, expenses can be linked to the growth in Effective Income.

SampleReport

Lease-Up can be done in many ways. Here we use the Ramp Revenue Growth Method for smooth Lease-Up of an apartment property after development.

Gross Income Detail

Laundry

2 Bedroom 2 Bath

2 Bedroom 1 Bath

One Bedroom

Studio

$K

2010 - 2011

100

80

60

40

20

0

J F M A M J J A S O ND J F M A M J J A S O N D

Apartment Lease-Up

SampleReport

The 'What-If' Power is increased with Development Spending. When the “Land” (below) or any development item is varied, the Draws, and Construction Period Interest are all varied as well.

IRR (%)

Land Development Cost ($K)

5

0

30

25

20

15

10

1,000 1,050 1,100 1,150 1,200

26.4 25.4 24.4 23.4 22.5

Sensitivity AnalysisSampleReport



Requires:planEASe BaseMonthly (Development) Extension

Date Cost Item Quantity Cost/Item Total $

Feb 10 Permits 1.00 Each $10,000 $10,000Feb 10 Legal & Title 1.00 Each $18,000 18,000Feb 10 Architectural/Engineering 1.00 Each $50,000 50,000

Total $78,000

Mar 10 Land 1.00 Each $1,200,000 $1,200,000Mar 10 Sitework 1.00 Each $302,400 302,400Mar 10 Foundations & Floor Slab 1.00 Each $289,200 289,200

Total $1,791,600

Apr 10 Structure 1.00 Each $306,000 $306,000Total $306,000

May 10 Building Skin 1.00 Each $261,600 $261,600May 10 Doors, Canopies, Soffits 1.00 Each $58,800 58,800May 10 Exterior Contingency 1.00 Each $79,200 79,200

Total $399,600

Jun 10 Storefront 1.00 Each $49,200 $49,200Jun 10 Roof Systems 1.00 Each $206,400 206,400

Total $255,600

Jul 10 Electrical 1.00 Each $33,600 $33,600Jul 10 Interior Contingency 1.00 Each $12,000 12,000

Total $45,600

Aug 10 Warehouse Finish 1.00 Each $110,400 $110,400Aug 10 Standard Office Finish 1.00 Each $120,000 120,000

Total $230,400

Total Unit Costs $3,106,800

Project Cost Schedule


SampleReport

planease.com - 800-959-3273 -

Unit Sales ProfitLand/Subdivision/Condo Development

Account Amount

Unit Sales PlannedTotal Unit Sales Planned $3,140,000Less: Sale Commissions 188,400

Net Sales Planned $2,951,600

Less: Costs Planned Land $1,050,000

Site Development 872,199 Engineering 62,500 Other Costs 153,250

Total Cost Planned $2,137,949

Profit before Debt Costs $813,651Less: Draw Loan Interest & Fees $49,892

Project Profit $763,759

SampleReport

You can print many reports for the Unit Sales Analysis. This simple Unit Sales Profit Report gives you a quick way to summarize and communicate your project. The non-bold items are customizable.

Project Cost SummaryLand/Subdivision/Condo Development

Cost Item $/Unit Total % Total $

Land 8,750.00 49.11% 1,050,000Total $8,750.00 49.11% $1,050,000

Site Development Clearing & Grading 495.24 2.78% 59,429 Paving 954.58 5.36% 114,549 Curb & Gutter 535.27 3.00% 64,232 Sanitary Sewer 1,323.42 7.43% 158,810 Storm Sewer 510.64 2.87% 61,277 Water 530.02 2.97% 63,602 Entrance 300.00 1.68% 36,000 Power & Street Lighting 77.50 0.43% 9,300 Amenity 2,250.00 12.63% 270,000 Contingency 291.67 1.64% 35,000Total Site Development $7,268.33 40.80% $872,199

Engineering Design 312.50 1.75% 37,500 Layout 208.33 1.17% 25,000Total Engineering $520.83 2.92% $62,500

Other Costs Taxes & Insurance 100.00 0.56% 12,000 Legal & Closing 108.33 0.61% 13,000 Appraisal 41.67 0.23% 5,000 Marketing & Advertising 510.42 2.86% 61,250 County Fees 16.67 0.09% 2,000 Development Fees 500.00 2.81% 60,000Total Other Costs $1,277.08 7.17% $153,250

Total Project Cost $17,816.24 100.00% $2,137,949

SampleReport

Unit Sales Draw ReportLand/Subdivision/Condo Development

Draw Payments Interest LoanTime Required Available Accrued Balance

Feb 10 $103,215 $860 $104,075Mar 10 $48,215 $1,269 $153,559Apr 10 $101,163 $2,123 $256,845May 10 $151,298 $3,401 $411,544Jun 10 $87,696 $4,160 $503,400Jul 10 $107,807 $5,093 $616,301

Aug 10 $171,474 $83,895 $5,866 $709,745Sep 10 $82,083 $83,895 $5,899 $713,833Oct 10 $64,083 $83,895 $5,784 $699,804Nov 10 $64,083 $139,825 $5,201 $629,263Dec 10 $64,083 $169,388 $4,366 $528,324Jan 11 $10,083 $139,825 $3,322 $401,904Feb 11 $4,083 $186,167 $1,832 $221,652Mar 11 $4,083 $139,825 $716 $86,626Apr 11 $4,083 $169,388May 11 $4,083 $139,825Jun 11 $4,083 $169,388Jul 11 $4,083 $139,825

Aug 11 $4,083 $169,388Sep 11 $4,083 $156,604Oct 11 $169,388Nov 11 $55,930Dec 11 $85,493Jan 12 $55,930Feb 12 $85,493Mar 12 $55,930Apr 12 $29,563Totals $1,087,947 $2,508,860 $49,892 $0

SampleReport

Unit Sales Developments

Land Development - Subdivision CondoConversion - Marina Slips, etc.

The Unit Sales box below is where you enter unlimited development and sales assumptions. The grid items are created by you. The bottom grid is the Cost Items (Copy & Paste columns from a spreadsheet), and the middle section is the Units with their Sales Schedules. You can specify the Draw Loan at the top and choose from the Reports menu. The Draw Loan computes automatically from the costs and sales. Click OK, to return to the Assumption Edit Screen where you can add additional Revenues, Expenses, and more Loan Assumptions, if needed. The planEASe Unit Sales Development system handles both simple and complex analysis after tax, but can be presented before tax as well.


Requires:planEASe BaseMonthly (Development) Extension

SampleReport

In the Sensitivity Analysis the Draw Loan changes with the Cost Items due to the connection of the assumptions. The Draw Loan repayments will also vary with the Unit Sales, giving realistic results.

Sensitivity AnalysisLand/Subdivision/Condo Development

IRR (%)

Executive Lots - Interior Units Sold per Month

SampleReport

2 3 4 5 6 70

10

20

30

40

Portfolios planease.com - 800-959-3273 -

The 'What If' capabilities of sensitivity and risk analysis are available for the portfolio.

Risk Analysis

Mixed-Use Portfolio

Risk Analysis Assumption Lowest Likely Highest

Portfolio Sale Price Parameter 8% Cap Rate 9% Cap Rate 10% Cap Rate

Portfolio Inflation Rate 2% per Year 3% per Year 4% per Year

Portfolio General Vacancy & Credit Loss 3% per Year 5% per Year 9% per Year

Executive Lots - Interior Unit Price $19,000.00 $21,000.00 $23,000.00

Executive Lots - Interior Units Sold per Month 4.15 5.15 6.15

Executive Lots - Golf/Lake Unit Price $30,000.00 $33,000.00 $34,000.00

Executive Lots - Golf/Lake Units Sold per Month 1 1.5 2

Trials

Rate of Return After Tax

0

100

200

300

400

500

<10 <11 <12 <13 <14 <15 <16 <17 <18 <19 <20

0 0 0 0 0 0

18

243

454

255

30

Average IRR 17.5%

Standard Deviation 0.8%

Lowest IRR 15.1%

Highest IRR 19.9%

SampleReport

Varies specific assumptions in only one file in the portfolio.

Varies portfolio assumptions that affect every file in the portfolio.

Suggested: Full Suite of planEASe

with all additions

Step 4. Use all the reports, graphs, and 'what if' analysis power of planEASe to analyze the portfolio.

Step 3. (Optional) Choose portfolio assumptions that override the assumptions in the individual files, some of the portfolio assumptions available are Inflation Rate, Sale Price Parameter, General Vacancy, etc.

Step 2. List the files to include in the portfolio.

Step 1. Create individual files.

Portfolio analysis enables the combination of multiple files (no limit) to view all the reports and 'What-If' analysis with all the measures and ratios analyzing all the cash flows from all the files in the portfolio. This allows you to perform analysis that otherwise would be impossible or impractical, such as:

Requires:planEASe BasePortfolio Extension

Gross Income Detail

$K

Year

0

1000

2000

3000

4000

2010 2011 2012 2013 2014

Apartments - UnitInvestment

Retail - Office

Build to SuitIndustrial

Pine LakeHomeSites

Mixed-Use Portfolio

SampleReport

SampleReportProforma Income Statement

Mixed-Use Portfolio

for a Down Payment of $3,181,992.

Gross Income Pine Lake HomeSites $877,000 $2,049,000 $214,000 $0 $0 Build to Suit Industrial Building 120,000 363,600 374,508 385,743 397,316 Retail - Office 360,159 365,705 374,068 395,882 406,779 Apartments - Unit Investment 574,800 592,044 609,805 628,099 646,942Total Gross Income $1,931,959 $3,370,349 $1,572,382 $1,409,725 $1,451,037 Less: Vacancy & Credit Loss 166,513 216,212 108,780 153,242 102,279Effective Income $1,765,447 $3,154,137 $1,463,602 $1,256,483 $1,348,759 Less: Operating Expenses Pine Lake HomeSites 2,123,809 44,278 0 0 0 Build to Suit Industrial Building 3,420 10,363 10,673 10,994 11,323 Retail - Office 76,400 78,384 80,424 82,522 84,680 Apartments - Unit Investment 138,982 142,672 146,468 150,374 154,393Total Operating Expenses $2,342,612 $275,697 $237,565 $243,889 $250,396Net Operating Income ($577,165) $2,878,440 $1,226,037 $1,012,594 $1,098,362 Less: Debt Service Build to Suit Industrial Building (120,000 sf) 69,156 207,468 207,468 207,468 207,468 Apartments - Unit Investment (42 sf) 425,353 425,353 425,353 425,353 425,353Total Debt Service $494,509 $632,821 $632,821 $632,821 $632,821Net Operating Cash Flow ($1,071,674) $2,245,619 $593,215 $379,772 $465,541Add: Debt Draw & Repay Pine Lake HomeSites (120 sf) 512,911 (564,648) 0 0 0 Build to Suit Industrial Building (120,000 sf) 1,906,800 0 0 0 0Total Debt Draw & Repay $2,419,711 ($564,648) $0 $0 $0 Less: Capital Spending Build to Suit Industrial Building (120,000 sf) 3,106,800 0 0 0 0 Retail - Office (20,000 sf) 123,967 0 0 87,136 0Total Capital Spending $3,230,767 $0 $0 $87,136 $0Cash Flow Before Tax ($1,882,730) $1,680,971 $593,215 $292,636 $465,541Taxable Income and Taxes (Losses Carried Forward)Taxable Revenues $1,765,447 $3,154,137 $1,463,602 $1,256,483 $1,348,759 Less: Deducted Expenses 887,296 1,622,608 345,970 243,889 250,396 Less: Interest Expense 432,778 526,376 505,695 495,487 484,451 Less: Amortized Points 3,300 3,300 3,300 3,300 3,300 Less: Depreciation Build to Suit Industrial Building (120,000 sf) 14,734 50,515 50,515 50,515 48,410 Retail - Office (20,000 sf) 74,438 83,065 83,065 86,665 78,101 Apartments - Unit Investment (42 sf) 159,083 166,000 166,000 166,000 159,083 Total Depreciation $248,255 $299,580 $299,580 $303,180 $285,594Ordinary Income $37,237 $516,302 $117,181 $57,620 $101,357Taxable Income 37,237 516,302 117,181 57,620 101,357(Cum Suspended Losses) 0 0 0 0 0Taxes Due (- = Savings) 13,033 180,706 41,013 20,167 35,475

Cash Flow After Tax ($1,895,763) $1,500,265 $552,202 $272,469 $430,066

SampleReport

SampleReport

Mixed-Use

2010 2011 2012 2013 2014

While you are in Portfolio Mode, all the ratios and measures are for the cash flows of the portfolio. Of course the portfolio can be viewed after tax, as with all the other analysis in planEASe.

Multi-Phase Unit Sales DevelopmentMulti-Phase Commercial DevelopmentMixed-Use DevelopmentMixed-Use InvestmentsProjection Reports for Client Property

Portfolios (for Asset Managers)Multiple Reimbursement PoolsMulti-Property Portfolios for Purchase / SaleStructure a Partnership / LLC for a Portfolio

with the Partnership Models.

Proforma Income StatementMixed-Use Portfolio

2010 2011 2012 2013 2014

Sale Proceeds:Sale Value $15,099,092 $15,526,133 $15,329,863 $16,641,870 $16,919,878 Less: Sale Costs 1,005,900 1,034,261 1,018,945 1,109,161 1,126,949 Less: Loan Repayment 8,703,354 7,983,743 7,809,068 7,620,238 7,416,098Sale Proceeds Before Tax 5,389,839 6,508,128 6,501,850 7,912,471 8,376,831 Less: Taxes due to Sale 169,979 372,331 430,345 686,660 812,262Sale Proceeds After Tax 5,219,859 6,135,798 6,071,505 7,225,811 7,564,570Ratio Analysis:Profitability Ratios Adj. Capitalization Rate (6.08%) 22.83% 9.73% 8.03% 8.71% Adj. Cash on Cash Before Tax (87.77%) 51.89% 13.71% 8.78% 10.76% Adj. Cash on Cash After Tax (88.84%) 47.71% 12.76% 8.31% 9.94%Risk Ratios Debt Coverage Ratio (1.167) 4.549 1.937 1.600 1.736 Breakeven Occupancy 146.9% 27.0% 55.4% 62.2% 60.9% Loan Balance/Property Value 57.6% 51.4% 50.9% 45.8% 43.8%Assumption Ratios NOI/Property Value (3.82%) 18.54% 8.00% 6.08% 6.49% Operating Expense Ratio 121.3% 8.2% 15.1% 17.3% 17.3%Analysis Measures: IRR Before Debt 5.6% 15.1% 12.8% 13.4% 12.6% IRR Before Tax 23.1% 18.0% 19.1% 17.4% IRR After Tax 18.0% 14.0% 15.4% 14.0% NPV Before Debt @10.00% ($516,576) $1,153,740 $901,484 $1,419,836 $1,332,385 NPV Before Tax @10.00% ($500,354) $1,262,772 $1,090,984 $1,680,227 $1,655,002 NPV After Tax @10.00% ($747,493) $768,677 $535,833 $963,303 $864,220

SampleReport

SampleReport

Rate of Return Before Debt (IRR) 16.6%Rate of Return Before Tax (IRR) 24.7%Member's Rate of Return Before Tax (IRR) 19.4%Member's Rate of Return After Tax (IRR) 14.9%Managing Member's Present Value Before Tax @10% 727,799Managing Member's Present Value After Tax @10% 543,718

Total Member’s Investment

185 shares available @

$10,000 each

Discounted measures always calculated monthly. View cash flows monthly, quarterly, or yearly with the Monthly Ext.

Profit for the Manager

Profit per share

before and after tax

Group (LLC) Investment Analysis

Apartment Development

Buy 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Sell Total

Before Tax Cash Flow Projection Investment and Sale 0 (5,688,200) 0 0 0 0 0 0 0 0 0 8,831,206 3,143,006 Effective Income 0 29,003 656,962 985,068 1,011,866 1,039,413 1,067,730 1,096,839 1,126,764 1,157,526 1,189,150 0 9,360,321 Operating Expense 0 (42,894) (100,266) (130,670) (133,975) (137,367) (140,848) (144,421) (148,088) (151,852) (155,715) 0 (1,286,098) Cash Flow Before Debt 0 (5,702,091) 556,695 854,398 877,891 902,046 926,882 952,418 978,675 1,005,674 1,033,435 8,831,206 11,217,229 Debt Service 0 3,745,417 (426,504) (426,504) (426,504) (426,504) (426,504) (426,504) (426,504) (426,504) (426,504) (3,724,913) (3,818,032) Cash Flow Before Tax 0 (1,956,674) 130,191 427,894 451,387 475,542 500,378 525,914 552,171 579,170 606,931 5,106,293 7,399,197Source and Use of Proceeds Working Capital 0 35,000 210,266 437,289 459,283 481,896 505,147 529,054 553,636 578,912 604,901 604,901 0 Interest Income 0 33,023 3,455 10,757 12,157 12,714 13,288 13,878 14,484 15,107 15,748 0 144,612 Members' Investment 1,850,000 108,651 41,619 0 0 0 0 0 0 0 0 0 2,000,271 Cash Flow Before Tax 0 (1,956,674) 130,191 427,894 451,387 475,542 500,378 525,914 552,171 579,170 606,931 5,106,293 7,399,197 Distributed To Members 0 0 0 (169,302) (353,240) (372,514) (392,332) (412,708) (433,659) (455,201) (477,352) (4,969,010) (8,035,318) Distributed To Manager 0 0 0 (42,326) (88,310) (93,129) (98,083) (103,177) (108,415) (113,800) (119,338) (742,185) (1,508,762)Group Taxable Income Projection Taxable Revenue 0 29,003 656,962 985,068 1,011,866 1,039,413 1,067,730 1,096,839 1,126,764 1,157,526 1,189,150 0 9,360,321 Interest Income 0 33,023 3,455 10,757 12,157 12,714 13,288 13,878 14,484 15,107 15,748 0 144,612 Taxable Expense 0 (42,894) (100,266) (130,670) (133,975) (137,367) (140,848) (144,421) (148,088) (151,852) (155,715) 0 (1,286,098) Interest Expense 0 (101,206) (403,423) (401,006) (398,336) (395,387) (392,128) (388,529) (384,552) (380,160) (375,307) 0 (3,620,035) Depreciation 0 (22,500) (108,001) (108,001) (108,001) (108,001) (108,001) (108,001) (108,001) (108,001) (103,501) 0 (990,005) Ordinary Income 0 (104,575) 48,727 356,148 383,711 411,373 440,041 469,766 500,606 532,621 570,376 0 3,608,795Group Member Projection (per Unit) Distributed Cash (10,000) (587) (225) 915 1,909 2,014 2,121 2,231 2,344 2,461 2,580 26,860 32,622 Ordinary Income 0 (452) 211 1,540 1,659 1,779 1,903 2,031 2,165 2,303 2,466 0 15,606 Capital Gains 0 0 0 0 0 0 0 0 0 0 0 17,016 17,016 Taxable Income 0 57 0 1,242 1,659 1,779 1,903 2,031 2,165 2,303 2,466 17,016 32,622 Taxes 0 (22) 0 (492) (657) (704) (754) (804) (857) (912) (977) (3,617) (9,797) Cash Flow After Tax (10,000) (610) (225) 423 1,252 1,309 1,367 1,426 1,487 1,548 1,604 23,242 22,825Managing Member Cash Flow Projection Manager Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Distributed Cash 0 0 0 42,326 88,310 93,129 98,083 103,177 108,415 113,800 119,338 742,185 1,508,762 Total Cash Flow 0 0 0 42,326 88,310 93,129 98,083 103,177 108,415 113,800 119,338 742,185 1,508,762 Taxable Income 0 (20,915) 9,745 71,230 76,742 82,275 88,008 93,953 100,121 106,524 114,075 787,003 1,508,762 Taxes 0 6,484 (3,021) (22,081) (23,790) (25,505) (27,283) (29,126) (31,038) (33,023) (35,363) (157,401) (381,146) Cash Flow After Tax 0 6,484 (3,021) 20,244 64,520 67,623 70,800 74,051 77,377 80,778 83,975 584,784 1,127,616

SampleReport

planease.com - 800-959-3273 -

You can use the powerful planEASe 'what-if' tools of Sensitivity and Risk analysis for many purposes. Plan your fees to maximize your return while maintaining a marketable return for the potential limited partners / group investors, as shown here.

IRR (%)

Sale Proceeds to Members

0

5

10

15

20

60 65 70 75 80 85 90

15.1 15.3 15.6 15.8 16.0 16.2 16.4

Sensitivity AnalysisGroup/Partnership Analysis

SampleReport

Any InvestmentAny DevelopmentAny PortfolioLimited Partnerships or LLC’s

Partnership/LLC Models

The Partnership/LLC Models convert any property investment, development, portfolio, or unit sales analysis into a Partnership or LLC format, on an after tax basis. Structure the analysis either as a LLC or Limited Partnership (shown here in a LLC format). Include as many limited partners / group investors as you need. Distribute proceeds monthly, quarterly, semi-annually, or annually with staged investments, unlimited fees, and preferred returns (cumulative or non-cumulative).

IRR (%)

Net Capitalization Rate at Sale (Percent)

5

0

15

10

7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0

12.0 11.9 11.8 11.8 11.7 11.6 11.5 11.4 11.4

Sensitivity AnalysisGroup/Partnership Analysis

SampleReport

Suggested: Full Suite of planEASe

with all additions

Requires:planEASe BasePartnership Models

Use the 'what-if' tools to market to the potential limited partners / group investors, or as insurance against a limited / group investor asserting they were guaranteed a particular return (as shown in this Sensitivity Analysis on the Cap Rate at Disposition).

Acquisition and Sale Start in any month in any year Holding Period - min is one year, max is 99 years.Fractional holding periods (5.75 years)

Sale Price Methods:Capitalize Current NOICapitalize Last Year’s NOI

Capitalize Next Year’s NOI Continuous Growth (@ Growth Rate)

Continuous Growth (@ %>Inflation) Specified $ Price Gross Income Multiplier

Feature List

Revenue/Income/Leases No limit on amount of Revenues/Leases Enter any kind of Lease Multiple Lease-Up Methods Percentage Rents CAM Expense Reimbursements Renewal Probability Automatic TI's and Commissions Enter NOI Directly Variable Growth Rates

Growth Methods for Rev and Exp

Annual - compound or linear growth

Continuous - compound growth continuously

Ramp - linear growth (lease up)

One-Time - a specified $ amount

Accrue by Year - compound growth at odd times

Accrue by Period - growth at end of specified period

ReimbursementsAny Expense not as % of Income can be reimbursedVacancy automatically accounted forProRata % automatically computedMethods:

Net$ StopBase Year StopDollar AmountAll methods subject to:

Prorata % OverrideMinimum AmountMaximum AmountGross-Up % for Variable Expense

Re-leasing Market ProfilesRenewal ProbabilityMarket Rent (Renew & New)TI's (Renew & New)Commissions (Renew & New)Abatements (Renew & New)Start & End Charges (Renew & New)Months Vacant (New Only)Multiple Profiles per lease

Loans/Financing No limit on number of loans Enter Loan Amount as: Dollar Amount

Debt Coverage RatioLoan to Value

Loan Types: Amortizing

Interest-OnlyNegatively AmortizingVariable Rate/Payment360/365 Conduit

Participating Loans Construction Draws, Monthly Construction Draws, Periodic

Assumption of existing loan Compensating Balances / Reserves

What if AnalysisSensitivity Analysis

Vary any assumption vs. any measure -- examples:Purchase Price vs. IRRLand Price vs NPVPresent Value Discount Rate vs. NPVLoan Assumptions vs. Cash on CashLoan Assumptions vs. Lender YieldExit Cap Rate vs MIRRAny Development Item (Loan varies too)# of Houses sold/month (Loan varies too)Partnership Fees vs. GP's PVPartnership Preferred Return vs. GP's PVAnd many more ........

Comparative Sensitivity AnalysesCompare any files -- examples:

Lease vs BuySell & Leaseback vs Do NothingLease vs Lease vs Buy vs Build vs etc.Best vs Worst CaseLoan A vs Loan B vs Loan C vs etcMany more ........

Risk Analysis (Monte Carlo Simulation)Up to 15 assumptions varied at the same timeUse for any Measure (IRR, NPV, Lender Yield, etc)Up to 9999 iterationsProbability and Cumulative DistributionFastest computation you'll ever see

Analysis MenuBasic Analysis*Detail Analysis*Lease Analysis*Sensitivity AnalysisRisk Analysis* Annual, Monthly or Quarterly(with optional Monthly Extension)

Reports Menu - optionaladds APOD Reportadds Acquisition Reportadds Sale Reportadds Income Statements*adds Annual Statements*adds Assumptions Reportadds Rent Roll** Annual, Monthly or Quarterly(with optional Monthly Extension)

Graphics Extension - optionaladds Graphs to Basic and Detail Analysisadds Graphs to Lease Analysisadds Graph Controls in Sensitivity and Riskadds Graphs and Graph Library to Income Statementsadds Pie Charts to Acquisition Reportadds Pie Charts to Sale Reportadds Pie Charts to APOD Reportadds Pie Charts to Rent Roll Report* Thousands of graphs possible - all canchange format with the click of a mouse

For a complete feature list go to planease.com/features.aspx including feature demonstration videos, references to the PDF manual, and even more features.

Features listed are for the full product suite:

* planEASe Base* Reporting Extension * Graphics Extension* Portfolio Extension* Monthly (Development) Extension* Partnership Models * Financial Utilities

Expenses No limit on number of Expenses

Enter NOI Directly Variable Growth Rates

Expense Pass-throughs Expense Variable with vacancy

Percentage of Effective IncomeAfter Tax Considerations

Tax Calculator makes this easy

state tax is % of federal (or not)

carry passive losses forward (or not)

use $25,000 exemption (or not)

capital gain rate changeable

cost recovery recapture rate changeable

Depreciation / Capital Spending

No limit on number of items

Asset / Value Ratio Input

Investment Tax Credits

Half-month, quarter and year rules

Cost Segregation facilitated

All possible Depreciation Methods

All possible Depreciation Lives

Partial Sales anytime during Holding Period

Substitute Basis option at Purchase

Exchange Balancing and reporting

Installment Sales model for Seller Financing

Ratios and Measures

Capitalization Rate (before and after tax

Adj. Capitalization Rate (before and after tax)

Cash on Cash (before and after tax)

Adj. Cash on Cash (before and after tax)

Gross Income Multiple

Debt Coverage Ratio

Breakeven Occupancy

Loan Balance/Property Value

NOI/Property Value

Operating Expense Ratio

Loan to Value

Loan Constant

IRR (before and after tax)

MIRR (before and after tax)

NPV (before and after tax)

Limited Partnership / LLC (optional)

No Limit on number of FeesPreferred Return availableWorking Capital (min-max)Waterfall DistributionsSeparate Sale SplitCompatible with:

Unit Sales projectsPortfolio projectsDevelopment projectsand all other projects

Utilities Menu (optional)adds added Cash Flow Reportsadds Interest Rate Conversionsadds added Loan Reportingadds added Depreciation Reportingadds Exchange Recap Reporting

Portfolio Extension (optional) handles:

Multi-Phase ProjectsMixed-Use DevelopmentsMixed-Use InvestmentsMulti-Property OfferingsAnnual Asset Manager Reporting

Development Analysis

Unit Sales

No limit on Unit Types

Discrete Sales Schedules

Absorption Sales Schedules

No limit on Cost Items

Multiple Phase Capability

Revolving Draw Loan (Customizable)

Sales Schedule Stretcher

Extensive "What If's"

Commercial

No limit on Cost Items

Easy Rescheduling

Draw Loan (Customizable)

Flexible Permanent Loan Take-Out

planease.com - 800-959-3273 -

Recent Upgrades

* NEW Version 19 - Import with the New Assumption EzEntry Dialog is a fast and convenient method of entering starting Revenue and Expense Assumptions. Copy & Paste entire columns of information from an external Rent Roll, APOD, etc. The development spending and unit sales grids paste columns as well, saving time and avoiding mistakes. The 'Save as WebPage' feature has been upgraded -- webpages look more like the printed reports from planEASe.

* Version 18 - The New Portfolio Extension Product was offered as part of the planEASe support plan for a limited time. Portfolio Extension allows you to perform analyses that otherwise would be impossible or impractical. In the Partnership Models, planEASe now looks forward one month when distributing cash, and reserves enough to pay any negative cash flow scheduled to occur then. This is a useful addition for Unit Sales Partnership / LLCs distributions.

* Version 17 - Expansions and Improvement in the Unit Sales capability including Unit Sales by the Absorption Method and new Unit Sales Parameters. All reports on the Reports Menu are now available when using the Partnership/LLC Models, including Income Statements, APOD, etc.. Access the PDF Manual from the Help Menu with the new Menu Option Help / planEASe PDF Manual.

* Version 16.02 - planEASe Reader (Interactive Viewer) - Enable your clients to view the all the reports, graphs, and run the 'What if' sensitivity analysis themselves without modifying your assumptions with this freely available software viewer. Context Sensitive Training Movies available from the 'Movie Menu'(and HowToStar ) that contain short movies on 'Movie Menus' throughout the software, showing you how to perform many analysis functions at the time you are doing them. Once the movie has started, you can move forward and backward by 'grabbing' the ball above the movie.

* Version 16 - 360/365 Conduit Loans. New Graph Library in the Reports/Income Statements function allows you to recall and save Graph Specifications using the new Adds and Overlay Lists added in Version 15. Multiple Market Profiles per Lease -- New Lease-Up Capabilities. In addition to evaluating new reimbursement policies, the new zero Revenue Period pages, together with the new capability to use multiple Market Profiles for a space, allow you to plan new and varied Lease-Up scenarios for commercial development properties.

* Version 15 - Add perspective to your graphs and charts quickly and easily using scrollbars. Added Additions/Overlay to the Graphs in the Income Statements. Added Quarterly Reporting and Quarterly Graphs. Always Monthly IRR's and NPV's that match the XIRR and XNPV in Microsoft Excel and Google Spreadsheets.

* Version 14 - TitlePages additions: SpellChecking, Thesaurus, Bullets/Numbered Lists, and Tables. Separable Reimbursements reporting in the APOD, Income Statements, Annual Statements, Rent Roll, and Detail Analysis. New Adjusted Ratios Adj. Capitalization Rate and Adj. Cash on Cash.

* Version 12 - Expanded the Investor's Page to add three Present Value Discount Rates (Before Debt, Before Tax and After Tax). A new Tax Calculator is now available from the new "t" button alongside the top assumption on the Investor's Page. Added a "General Credit Loss & Vacancy" to the Investor's Page. New buttons now appear at the bottom of Reimbursement Dialog: Reset Tenant, Reset Expense, and Reset All. Added Market Profiles to allow you to specify, in general, how leased space will be allocated when the current lease you have entered expires.

* Version 11 - Automatic Expense (CAM) Reimbursement where any expense can be reimbursed with these methods: Net, $/Stop, BaseYear/Stop, None (Gross). All reimbursements adjust to vacancy in all reports and analysis.

* Version 10 - Added an entirely new analysis capability - Unit Sales - for our users who have the optional Monthly Extension. Unit Sales developments include land development, subdivisions, and condo conversion. New Edit/Development Spending capability for commercial development with automatic construction draw loans correct after tax.

For full listing and more details of version updatesgo to planease.com and click version history.

The planEASe software license agreement provides a Subscription Update Program (currently $195/year), that includes:

* updates of the software and manual* announcements of documented system problems and fixes* 800# telephone support (please use training materials before calling ~ see back page)

New software products like the Partnership Models or the Portfolio Extension, are offered at a discount introductory price to subscribers . A Subscription Update period of 90 days is included with the purchase of a planEASe software license.

How to control the movieThe planEASe E-Learning training (on the web site) walks you through case studies of commercial real estate financial analysis using practical examples and videos that are broken into segments typically less then 5 minutes.

E-Learning Training Center

A printed manual is included with the purchase of a planEASe license. Access a PDF version of the manual (bookmarked and linked) through the help menu item.

Manual

Printed and HTML (webpage) reports and graphs are customizable with colors, fonts, your content, and a customized disclaimer if you choose. The ‘Save as Webpage’ feature puts reports and graphs in a html format that can be emailed, posted to a website, or opened with programs like Word or Excel. On the other pages of the brochure are samples of reports and graphs printed to PDF. The sample below is a report using the ‘Save as Webpage’ feature which has a similar look and feel to the printed reports and graphs.

Import/Print/Email/Export

The fast and convenient method of entering starting Revenue and Expense Assumptions. Copy & Paste entire columns of information from an external Rent Roll, APOD, etc. Copy & Paste development spending and unit sales costs as well.Save time and avoid mistakes.

Assumption EzEntry Dialog is a

Import

< Copy

Paste >

Print/Email

“Grab” the ball with themouse to move forwardand backward in themovie. Click the playbutton to start the moviefrom the new place.

Play and Stopthe movie

Total timeshown at thetop right.

Click thetop “X” toclose themovie

planEASe and the Demo-Reader contain Movie menu items throughout the software, that play movies on how to perform analysis functions related to the screen currently viewed. Once the movie has started, move forward and backward by 'grabbing' the ball above the movie. The HowToStart movies show how to get started with various types of planEASe analyses.

Movie (& HowToStart) Menu

Use the “HowToStart”Menu Item to playmovies that getyou started.

Context sensitive help information from the planEASe manual, indexed and organized for immediate access to instructions relevant to what you're doing. Always available with the "F1" key, when entering individual assumptions, and with extensive How To help on particular financial situations.

includes all relevant

Context Sensitive Help

Context Sensitive Training Movies

see Movie (& HowToStart) Menu >>

Training

All reports and graphs can be exported to Word, Excel, PowerPoint, etc..

Export

planEASe Reader - (Interactive Viewer)

Enable your clients to view the all the reports, graphs, and run the 'What if' analysis themselves without modifying your assumptions.

800-959-3273 planease.com

(included with any purchase)

(included with any purchase)

fast accurate easy to learn cash flow ... - … accurate easy to learn cash flow projections ... n...

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